Fleet-Tracking Startup Motive Picks JPMorgan for US IPO, Led by Kleiner Perkins

Motive Technologies, a driver safety and fleet management startup, has hired JPMorgan Chase & Co. to lead its initial public offering (IPO) in the US. The company is also working with Citigroup, Barclays, and Jefferies Financial Group. Motive has raised $150 million from a pre-IPO funding round and generates $500 million of annualized recurring revenue from over 100,000 customers.

Motive Technologies Inc., a driver safety and fleet management startup utilizing artificial intelligence, has hired JPMorgan Chase & Co. to lead its initial public offering (IPO) in the US. The San Francisco-based company is also working with Citigroup Inc., Barclays Plc, and Jefferies Financial Group Inc. to push ahead with the IPO, which could come as soon as the end of 2025 [1].

Motive has recently raised $150 million from a pre-IPO funding round led by venture capital firm Kleiner Perkins. The capital will be used to invest more in artificial intelligence and grow internationally [1]. The startup's software and hardware help owners of large vehicle fleets track their vehicles, manage maintenance costs, and monitor driver safety through AI-driven dashboard cameras installed in the cabs of trucks. Motive generates about $500 million of annualized recurring revenue from its more than 100,000 customers and has posted positive cash flow since the fourth quarter of 2024 [1].

The company's co-founder and chief executive officer, Shoaib Makani, stated that Motive's software and hardware solutions are designed to optimize fleet operations and enhance driver safety. "Our technology helps fleets reduce costs, improve efficiency, and ensure the safety of their drivers," Makani said. "With the IPO, we aim to further expand our reach and invest in innovation to stay ahead in the market."

The IPO is a significant milestone for Motive, which was valued at $2.85 billion in a 2022 funding round. The company hired chief financial officer Chirag Shah last year to support its financial operations and prepare for the IPO [1]. Deliberations are ongoing, and the exact timing and additional banks involved in the IPO process could change [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-08-13/fleet-tracking-startup-motive-said-to-pick-jpmorgan-for-us-ipo